Search Legislation

Taxation of Pensions Act 2014

What Version

 Help about what version

Advanced Features

 Help about advanced features

Changes to legislation:

There are currently no known outstanding effects for the Taxation of Pensions Act 2014, Section 95. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

This section has no associated Explanatory Notes

95(1)Schedule 34 to FA 2004 (application of certain tax charges to non-UK schemes) is amended as follows.E+W+S+N.I.

(2)In paragraph 1(3) (list of “member payment charges”) before the “and” at the end of paragraph (d) insert—

(da)the charges under section 636A(1A) and (1B) of ITEPA 2003 (uncrystallised funds pension lump sums),.

(3)In paragraph 1(4)—

(a)after “The “member payment provisions” are” insert

(a)”, and

(b)at the end insert , and

(b)section 636A(1A) to (1C) of ITEPA 2003.

(4)After paragraph 5 insert—

5A(1)Sub-paragraph (2) applies if—

(a)a payment is made (or treated by this Part as made) to or in respect of a relieved member or transfer member of a relevant non-UK scheme, and

(b)there is an amount of tax under a member payment charge that would be payable in respect of the payment, or part of the payment, but for the operation of double taxation arrangements.

(2)The payment or (as the case may be) that part of it—

(a)is “pension” for the purposes of Chapter 4 of Part 9 of ITEPA 2003 (foreign pensions), and

(b)is to be treated as included in the list, in section 576A of ITEPA 2003, of payments that are “relevant withdrawals” for the purposes of that section.

(5)In paragraph 6 (tax under member payment charges to be reduced by foreign tax in respect of the payment concerned)—

(a)in sub-paragraph (1) after “in consequence of paragraph 1” insert “ , or by virtue of the operation of Chapter 4 of Part 9 of ITEPA 2003 in consequence of paragraph 5A, ”, and

(b)in sub-paragraph (2) after “in consequence of paragraph 1” insert “ or 5A ”.

(6)In paragraph 7(2) (regulations modifying the application, in relation to relevant non-UK schemes, of the member payment provisions) after paragraph (b) insert—

(ba)contain transitional provisions and savings,.

(7)After paragraph 9 insert—

9ZA(1)For the purposes of determining the annual allowance charge in the case of an individual for a relevant tax year, a pension scheme is to be treated for the purposes of section 227G as a registered pension scheme if—

(a)in relation to that tax year, or

(b)in relation to any earlier tax year (whether or not a relevant tax year),

the scheme is a currently-relieved non-UK pension scheme and the individual is a currently-relieved member of the scheme.

(2)For the purposes of this paragraph, a tax year is a “relevant tax year” in relation to an individual if—

(a)it is—

(i)the first tax year in relation to which the individual is a currently-relieved member of any currently-relieved non-UK pension scheme, or

(ii)if later, the tax year 2015-16, or

(b)it is a tax year subsequent to the tax year identified under paragraph (a).

9ZB(1)Sub-paragraph (2) has effect if at any particular time—

(a)an individual is a transfer member of a relevant non-UK scheme,

(b)the scheme is, or at any previous time has been, a qualifying recognised overseas pension scheme, and

(c)the particular time is not in a tax year in relation to which the scheme is a currently-relieved non-UK pension scheme of which the individual is a currently-relieved member.

(2)Section 227G applies in the individual's case as if the scheme, so far as relating to the individual's relevant transfer fund under the scheme, were a registered pension scheme at the particular time.

(3)The reference in sub-paragraph (2) to the individual's relevant transfer fund under the relevant non-UK scheme is to be read in accordance with paragraph 4.

(8)In paragraph 11 (calculating pension input amounts for certain non-UK money purchase arrangements) after sub-paragraph (2) insert—

(3)Where a calculation under section 233(1) as applied by paragraph 8 is being carried out for the purposes of section 227F(3) in respect of a period that ends at the end of a tax year (see paragraph 9 and section 227F(1)), the appropriate fraction for the purposes of sub-paragraph (1)(b) is the appropriate fraction given by sub-paragraph (2) for that tax year (even where the period in respect of which the calculation is being carried out is part only of that tax year).

(9)In paragraphs 12(2) and 19(2) (regulations modifying the application, in relation to relevant non-UK schemes, of the annual allowance provisions and lifetime allowance provisions) before the “and” at the end of paragraph (b) insert—

(ba)contain transitional provisions and savings,.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources